As society becomes more connected, there is an increasing need for reliable, physical, social and environmental infrastructure. While working to meet these evolving infrastructure needs, we focus on the interests of our stakeholders, including our employees, our customers and the communities where we live and work. We believe that by giving back to our people and the world around us, we continue to think differently, evolve and grow as an operationally sustainable company.
This report includes financial and nonfinancial information from Quanta Services, Inc. about activities, metrics, awards and accolades related to our People, Planet, Principles sustainability program for the 2019 calendar year, unless otherwise noted. This report integrates the Sustainability Accounting Standards Board (SASB) standards for the Infrastructure, Engineering and Construction Services industry and the United Nations Sustainable Development Goals (SDGs). Disclosures that fulfill these standards are noted by indicators within the report.
Our focus is fixed on safety. It is a core value, and we work hard to get every employee home safely every night. A safe work environment on every job also makes our customers stronger and more efficient. Our focus on safety continues to bolster ingrained, long-standing relationships with our customers.
The Capacity Model
We are in the people business and we know that people are fallible. We always choose prevention, but we realize that mistakes will happen. The question becomes do we have the capacity to absorb failure without causing harm. To be ready, we will plan and execute work assuming that failure could happen at any moment. We will learn from each job, each mistake and success – to continue getting better in every aspect.
Traditional safety practices have greatly reduced the number of workplace injuries during the last several decades, but life-ending events have declined at a slower rate. To further reduce serious and life-ending events, Quanta Services partnered with Northwest Lineman College (NLC) and several industry-leading safety organizations and experts to develop a new approach to safety: The Capacity Model™.
This model shifts the focus from simply preventing errors to building in the capacity to absorb errors, without catastrophic injury or death. The model incorporates human performance principles while looking at safety through three categories: prevention, learning and capacity for failure.
In partnership with Quanta's Safety, Health, Environmental, and Quality (SHEQ) management team, NLC is designing and developing curriculum in support of each element of the model:
STKY (S**t That Kills You)
A concept that focuses on hazards that can seriously injure or kill people.
The Energy Wheel
A hazard-identification tool used prior to or during work.
Critical safety controls required of all employees.
Teams of workers led by a facilitator who analyze workplace safety, including job briefings, post-work debriefs, routine safety inspections, job hazard analyses, successful operations, near-miss incidents, and incidents resulting in an injury, illness, or environmental exposure. The goal is to learn more about the context of an event. This approach helps companies reproduce successful outcomes or, for a safety or health incident, actually improve safety rather than just simply affix blame.
The safety of our people and job sites is at the core of everything we do. We continue to develop and implement proactive programs that go beyond the industry standard, and our safety performance has been better than the industry average, year after year.
(Total Recordable Incident Rate)
(Total Lost Time)
We know that in order to reach the goal of ZERO incidents, our leaders must drive the safety initiatives. We are dedicated to bringing all of our people home each day, and that means having support for the top down. Not only are we committed to our employees, but Quanta is also committed to the industry we serve, to our customers and to our communities. To demonstrate our commitment to our employees, the Quanta Commitment Coin is awarded to those employees who exemplify safe work habits and their commitment to safety.
Quanta is a founding member of the Electrical Transmission & Distribution OSHA Partnership (ET&D), a formal collaboration of industry leaders that sets best practices for line worker safety.
Today, the ET&D covers an estimated 80 percent of total workers in the electric line construction industry, and is one of only a few national partnerships between employers and OSHA.
Partnership goals include the following:
The goal of our Automated External Defibrillator (AED) program is to increase the rate of survival for people who have sudden cardiac arrests. The AED program is designed to provide equipment and training to enhance life-saving response measures.
AEDs make it possible for trained and untrained responders to administer defibrillation prior to the arrival of Emergency Medical Services (EMS). We deploy an AED on every job site across North America. We go above the industry standards and hold ourselves to the Quanta standard. Our AED program has so far saved 26 lives, including bystanders and customers, and continues to be a life-saving success for our workforce and communities across North America and beyond.
AED units deployed
as of December 31, 2019
as of December 31, 2019
SDG 3 4 8
The path to our employees' good health lies within their reach, through our health and wellness benefits. Our programs motivate our employees and their families to make healthy lifestyle choices. Our wellness program services include “get moving” activities, weight loss competitions, blood pressure wellness, free flu shots, tobacco cessation programs, and a yearly onsite health screening that covers cholesterol, weight and BMI – at no cost to employees. For employees interested in financial wellness-planning for retirement, we have a 401(k) program, along with financial education sessions.
People are our most important asset. We believe that by investing in our craft-skilled workforce, we benefit our employees, our customers and the overall industry. Quanta has incrementally invested more than $100 million in workforce training and development. We will continue to invest our time and resources to lead the industry in the workforce that keeps our country's lights on, heat generated and communications connected.
Employees trained in 2019.
Employees trained since
inception of NLC.
Northwest Lineman College
Quanta acquired the Northwest Lineman College (NLC) in January of 2018 to further expand its commitment to training the industry's workforce. NLC is an accredited training facility in the United States, with four campuses across the country and plans to build a fifth in North Carolina, offering specialized training across the electric power, pipeline, industrial and communications industries. NLC targets various and diverse hiring pools and offers grants for those students needing financial assistance.
Quanta Advanced Training Center at the Lazy Q Ranch
The Quanta Advanced Training Center at the Lazy Q Ranch in La Grange, Texas, is a 2,300-acre ranch that has been transformed into a world-class training facility. Our customers depend on us to provide a consistently trained and skilled workforce in order to ensure the safest job sites across North America. We deliver the highest level of training by constantly innovating with the latest research and technology across the industries we serve. Currently we offer aviation, electric power, pipeline, communications and other industry-wide training.
SDG 3 8
CEO Innovation Award
The CEO Innovation and Entrepreneurial Award was instituted in 2013 to honor the most innovative and impressive advancements made by Quanta employees. Since 2013, Quanta has collectively awarded more than $600,000 to the winners of this competition, and many of the ideas have been integrated into field processes. The purpose of this program is to continually encourage entrepreneurial drive and creativity – and to benefit our customers and the overall industry with ongoing innovation.
Selection of previous winning innovations:
EZ Fly Block
HDD Simulator Training
Pipe Placement Device
Commitment to Education
Quanta and the industry as a whole benefit from an educated and trained workforce, and Quanta partners with various universities to recruit, hire and train employees.
For example, Quanta began a partnership with Sam Houston State University (SHSU) in 2016, establishing a business relationship and workforce development program. SHSU professors, in conjunction with Quanta managers, created a proprietary curriculum. In addition to classroom course work, the program provides SHSU students hands-on experiences at the Quanta Training Center and summer internship opportunities.
Commitment to Our Military
We have made the commitment to be a military-ready company and are proud of our ongoing collaborations with the following organizations and initiatives of this commitment.
Quanta H.E.R.O.E.S. Program
Quanta H.E.R.O.E.S. (Hiring, Educating and Retaining our Exceptional Service Men and Women) is a comprehensive initiative to expand our long-standing support for the men and women of the U.S. Armed Forces. We are a veteran-ready company.
In addition to hiring those who have served our military, we're also committed to ensuring they have the tools they need to effectively transition into a successful civilian career. By joining the energy infrastructure industry, they are continuing to serve their country in a different way – by keeping our lights and heat on and our communications connected. As part of our commitment, we will also encourage other companies within our industry to hire America's heroes.
Vector Force Development
Quanta has invested in Vector Force Development, a veteran-owned business, that works to transition military veterans to jobs in the utility industry, whether it be in the field or the office. Vector provides solutions across the entire utility industry, including gas distribution, electric, line worker training, communications, fiber network, program management, safety, quality control, CDL and heavy equipment.
Hiring our Heroes Partnership
Quanta companies have partnered with Hiring our Heroes to further expand our commitment to hiring veterans. The U.S. Chamber of Commerce Foundation's Hiring Our Heroes (HOH) initiative launched in March 2011 as a nationwide effort to connect veterans, service members and military spouses with meaningful employment opportunities. Working with the U.S. Chamber of Commerce's vast network of state and local chambers and strategic partners from the public, private, and non-profit sectors, the goal is to create a movement across America in hundreds of communities where veterans and military families return every day. For more information, visit: https://www.hiringourheroes.org/
Commitment to Diversity
We surround ourselves with people who have diverse backgrounds, skills and beliefs, and we know that the more ideas we have included in the conversation, the better the results will be. To that end, we continue to team up with organizations that have the same values that we do and will expand our potential. With that in mind, we are excited about our collaborations with the organizations below.
We are excited about our collaborations with the organizations below..
Quanta partnered with a longtime customer to complete the West Fort McMurray (WFMAC) 500 kV Transmission Line Project, which included more than 310 miles of high voltage transmission line, expansion of the existing Livock substation and construction of the new Thickwood Hills substation, all located in Northcentral Alberta. The project was completed in March 2019, 91 days ahead of schedule. This project also included focus on enhancing Indigenous and community representation, and Quanta won a Top Employer of Indigenous Apprentices Award, primarily for the training program built specifically for WFMAC.
We are the leading specialty contractor with the largest skilled labor force in North America – providing fully integrated infrastructure solutions for the utility, pipeline, energy and communications industries. We self-perform more than 85% of our work, collaborating with our customers to provide cost certainty and safety.
We have had significant collaboration with these customers for more than 20 years.
When disaster strikes anywhere in North America, our men and women stand ready to respond. We keep the lights on, heat flowing and communications connected.
From ice storms to hurricanes and wildfires, Quanta Services' emergency restoration team is ready to provide customers with one crew or thousands. Quanta’s team of storm assessors are located throughout the United States, are ready to be called to storm sites for assessment and emergency restoration work, and typically deploy within 24 hours.
Once a recovery plan is established, our workforce brings proven crisis management and restoration experience and our nationwide fleet of vehicles mobilizes to set up emergency generators and provide materials needed to restore power.
Quanta storm restoration in the aftermath of hurricane Michael.
Quanta deploys thousands of employees to support customers to restore power during weather events.
Quanta Cares provides confidential, timely, short-term crisis relief for those employees in the Quanta Services family needing assistance with living expenses such as food, clothing, utilities, temporary housing, property repairs and other basic necessities.
Quanta Cares was established in 2017 to help Quanta employees devastated by Hurricane Harvey. Employee donations, matched by Quanta, initially raised $1.3 million. Donations to the organization have continued to grow to more than $1.8 million and have been used to benefit employees impacted by other tragic and catastrophic events.
Giving back our time and resources is core to who we are. Quanta is committed to the communities where we live and work, and we embrace a culture where each of us - and our company as a whole - can make a significant impact. We choose our charity partners intentionally, creating long-term partnerships with nonprofit organizations that are truly making a difference and that align with the goals we have as a company.
The decisions we make are motivated by what will benefit our employees, our customers, our shareholders and the communities where we live and work. Our success is driven by the best, most skilled and highly trained workforce in the industries we serve. We never take our success for granted, and so we never take our people for granted.
In 2019, we donated more than $10 million to non-profit partners and invested a significant amount of volunteer time across North America. Our operating companies also give generously throughout North America. Below are some of our key corporate charity partners.
Quanta Services has always been a strong proponent of preparing students for their future careers. Since 2003, our partnership with Junior Achievement of Southeast Texas, with CEO Duke Austin serving as an Executive Committee Board Member, is based around the mutual commitment of excellence, benefiting the needs of our future workforce entrants. Quanta volunteers support Junior Achievement programs that focus on closing the workplace skills talent gap and inspiring students to explore the world of work – establishing a bridge to future career success for more than 100,000 students in the greater Houston area.
Child Advocates mobilizes court-appointed advocate volunteers to break the vicious cycle of child abuse. Quanta has worked with this organization since 1999, providing support through both volunteer efforts and monetary donations. This support has helped Child Advocates provide special activities and programs for these children in need, meeting their unique needs and improving their quality of life.
Houston Astros Foundation
The Astros Foundation is the official 501(c)(3) team charity of the Houston Astros. The foundation seeks to harness the passion of baseball fans to support youth baseball and softball programs, recognize and honor of our nation's military, raise awareness of childhood cancer and reduce homelessness. The cornerstone initiatives of the program align closely with Quanta's own.
Candlelighters serves children with cancer and their families at every stage of their journey, with patient coordinators on site at the major hospitals in Houston. Their emotional and financial support extends to families of children on-treatment, long term survivors, adult survivors and those whose child lost their battle with cancer. All of their programs and services are offered at no cost to families of children with cancer -- once a Candlelighters family, always a Candlelighters family.
Quanta’s enterprise-wide Environmental Management System is compliant with the International Organization for Standardization and the American Petroleum Institute Safety and Environmental Management System Model
As part of our environmental compliance awareness program, the Quanta team proactively assesses the environmental aspects and risks of its leased and owned facilities and performs site visits to ensure implementation of necessary environmental regulations and recommendations.
Protecting and responsibly managing natural resources are critical to the quality of life in the areas we serve, the environment in which we live, and the continued success of our company and its operating units. For those reasons, Quanta Services is committed to conducting our business with care and respect for the environment. To fulfill our commitment to the environment, Quanta Services will adhere to the following principles through the development and implementation of our Environmental Compliance Awareness Program (ECAP) for our operations:
We will identify applicable environmental laws and regulations and implement programs, policies and procedures to assure compliance.
We will employ systems and procedures designed to minimize activities and conditions that pose a threat to the environment. We will strive to prevent unauthorized releases to the atmosphere, land and water. We will ensure the safe treatment and disposal of waste
We will continually review our programs, policies, procedures and behaviors to identify areas in which we can improve our adherence to these principles and our commitment to the protection of the environment.
We will communicate our commitment to protecting the environment to our employees, contractors, customers and external stakeholders.
For more information, please see https://www.quantaservices.com/safety/environment/
SDG 9 13
Quanta has an industry-leading reputation for environmental stewardship during its projects.
Managing environmental risk on projects and helping customers meet their environmental goals and standards is a key part of nearly every job we perform. From the planning phase through construction, we collaborate with our customers to complete projects on time and in compliance with environmental requirements.
Many of the services we provide facilitate efficient and safe delivery of clean energy and the migration towards a lower carbon-emitting economy.
SDG 7 13
Quanta understands the importance of tracking and managing greenhouse gas emissions and is developing enterprise-wide processes and procedures to collect reliable data from as many emissions sources as practical, including its vehicle fleet.
Fleet / Equipment
Emissions for the converted LNG fleet have been reduced by at least 53% in both 2018 and 2019.
Quanta began converting our fleet in the State of Washington from diesel to LNG in 2013. Using GHG Protocol to compare diesel emissions to LNG emissions based solely on gallons of LNG fuel consumed, Quanta has reduced emissions by at least 53% in both 2018 and 2019 for the converted portion of the fleet.
Potelco's LNG Fleet started in 2013 and is made up of 300 trucks
18% of Potelco's fleet is LNG
Our corporate headquarters, located at Williams Tower in Houston, Texas, is a LEED Gold and Energy Star rated building.
Throughout our corporate and operating company locations around North America, we encourage and provide facilities for recycling efforts, both inside facilities and on job sites.
As part of our environmental compliance awareness program, the Quanta team proactively assesses the environmental aspects and risks of its leased and owned facilities and performs site visits to ensure implementation of necessary environmental regulations and recommendations.
Hurricane Michael made landfall in October 2018 near Mexico Beach, Florida. A 230kV 34-mile PX line was damaged beyond repair. In November 2019, Quanta was awarded the job of removing and rebuilding the line in the environmentally sensitive coastal marshes of Florida. Crew members worked six days a week, 12 hours per day, and were able to beat the scheduled three-month completion time with no injuries and no environmental incidents. At the busiest time on the project, we had 220 crew members consisting of wire/tower removal crews, four drilling crews, multiple framing/setting crews, three helicopters, wire crews, one eagle's nest, two boats and well over 10,000 mats.
Quanta was awarded an EPC contract in early 2015 for the Lake Charles Transmission Project, where our team rebuilt 15 miles of 230kV, plus 6.8 miles of 500kV transmission lines. This project crossed numerous wetlands and navigable waterbodies in the coastal swamps of Louisiana and was completed with an excellent environmental record.
Quanta partnered with a longtime customer to complete the West Fort McMurray (WFMAC) 500 kV Transmission Line Project, which included more than 310 miles of high voltage transmission line, expansion of the existing Livock substation and construction of the new Thickwood Hills substation, all located in Northcentral Alberta. The project was completed in March 2019, 91 days ahead of schedule. The Fort McMurray 500 kV project in Alberta also included focus on enhancing Indigenous and community representation, and Quanta won a Top Employer of Indigenous Apprentices Award, primarily for the training program built specifically for WFMAC.
Engaging stakeholders and Indigenous Peoples in genuine, heartfelt dialogue was an important foundation for this project. Throughout the planning phase of the project, we held more than 3,000 face-to-face meetings, engaging with citizens in an open, transparent and honest manner and incorporating the feedback into our route and construction plans.
Alberta PowerLine also undertook extensive consultation with more than 20 Indigenous communities and engaged them as active participants in the project, awarding several contracts that provided an opportunity for jobs, skills training and local economic development. Additionally, centuries-old culture, histories and local knowledge helped us shape the route for the project, as well as and our Caribou Protection Program.
This project was constructed in the peat bogs of the boreal forest, in caribou-protected zones. The construction techniques were chosen to minimize impacts to the environment in these delicate habitats, and was completed with an excellent environmental record.
Quanta repaired a corroded subsea Arctic oil flowline running 18,459 feet from an offshore man-made island to shore facilities on the Arctic coast. This process entailed fabricating and pushing/pulling a new 10.75” pipeline into the corroded 14” pipeline to serve as a replacement flowline, while minimizing production shutdown time. This project was constructed on the seabed of the Arctic Ocean with the purpose of preventing pollution from aging infrastructure and minimizing the environmental impact on the surrounding community.
Quanta's sustainability efforts have been greatly enhanced through our partnership with Milwaukee Tools and our use of their battery-powered tool solutions. Since 2017, we have purchased more than 13,000 battery-powered tools through their various product offerings. We estimate 25 to 30 percent of these tools resulted in decreased emissions through direct replacement of gasoline-powered tools, less need for gasoline generators and idling reductions. We anticipate further expansion of our battery-powered equipment portfolio going forward.
Quanta has developed foundation installation equipment ideal for environmentally protected sites. The equipment is lightweight and componentized to allow for helicopter transport within national forests and other protected areas where road construction is not permitted. Four-legged leveling platforms support the drill and ancillary equipment, substantially reducing the overall construction footprint.
Quanta is committed to developing effective partnerships with Indigenous people and providing opportunities to various local stakeholder organizations to participate as employees, subcontractor or service providers.
Through our unique Featherstone Mentorship Program, which engages, develops and employs Indigenous community members, we have achieved more than 28 employment success stories, representing 18 Indigenous Communities – and we've cumulatively achieved more than 20,000 labor hours in the program. We continue to actively recruit from Indigenous areas by working with schools, community job fairs, cultural celebrations and tribal councils.
Quanta has developed an ongoing collaboration with multiple utilities to take down, sort, tag and recycle electrical infrastructure equipment.
This program – conducted at our environmentally compliant facility in Houston, Texas – removes, reclaims and recycles hundreds of old utility poles, along with various pieces of infrastructure equipment, each month. With scrap pipe, we make pad mount transformer supports, re-using the pipe and saving money for the customer.
One of Quanta's presidents, based in Boise, Idaho, has donated a park comprising more than 16 acres to the city of Boise. The donation was made in his wife's honor. The park, which will be developed over the coming years, will have many features, including a fitness park and an autumn blaze trail. The donation is intended to preserve nature in Idaho and benefit the community through learning and fitness.
Quanta works closely with customers on environmental initiatives, including supporting pollinator plantings. In 2019, we helped a key customer restore a 10-acre pollinator habitat around one of their substations.
We have completed an extensive wildlife management plan on our 2,300-acre Lazy Q Ranch (which houses the Quanta Advanced Training Center). This plan has enabled the successful reintroduction, breeding and management of Northern Bob White Quail, Rio Grande Turkey and White Tail, as well as other species of native birds, mammals, reptiles and amphibians. Due to the construction of one of several lakes on the property, a pair of Bald Eagles has built a nest on the shores and taken up residence.
The ranch is divided into five habitats and hosts several varieties of rehabilitated natural flora. We work closely with the Texas Parks and Wildlife Department and have secured an MLDP Level 3 accreditation. We are collaborating with their biologists to continue to improve the wildlife habitat on the ranch. We also continue to allow and encourage local farmers to tend the land – in exchange, they provide a percentage of their yearly crop as supplemental wildlife feed.
The 2,300-acre Lazy Q Ranch houses the state-of-the-art Quanta Advanced Training Center.
The Lazy Q Ranch hosts several species of native animals, including a pair of Bald Eagles.
Quanta collaborated with the Papua New Guinea community to provide work, skills and support.
Papua New Guinea is classified by the International Monetary Fund as a developing country. There are 851 known languages, and much of the population comes from poor areas with farming backgrounds.
In 2017, Quanta mobilized a large contingent of specialized pipeline and civil construction equipment and personnel to a key customer in Australia to service local oil, gas and mining projects. Working in partnership with our customer, Quanta has helped benefit the local community through providing work, skills and support.
Quanta mobilized a large contingency of local workforce to support our 2017 project.
Quanta completed Hornsdale Wind Farm, a 315MW renewable electricity project, which is comprised of 99 turbines in Australia. We then constructed the world’s largest lithium ion battery, which is connected to the wind farm. Originally constructed at 100MW, the battery was recently upgraded by Quanta to include an additional 50MW of storage power.
Quanta Technology has developed several innovative plans to support utility customers when it comes to renewable energy options, transportation electrification, energy storage, grid modernization, distributed energy resources and grid technology development and deployment.
As achieving societal emissions goals requires increased electrification, which in turn necessitates investments in a resilient, modern grid, we are working with the industry in anticipation of electric vehicle adoption expansion. Quanta Technology continues to highlight issues for utilities and provide solutions, getting in front of changes that electrification could bring to the grid over the next five to 15 years.
Quanta continues to deliver renewable energy projects around the globe, as well as contribute time and financial resources for research and development of low-carbon energies. Quanta also participates in both the Future Fuels CRC in Australia and the Australian Hydrogen Council.
Female Board Members
*As of 2020 Annual Meeting of Stockholders
Board Qualifications, Skills and Experience
Quanta Services Board of Directors
Quanta’s Board of Directors is comprised of 9 independent directors, along with Quanta's Chief Executive Officer. Independence is determined within the meaning of the New York Stock Exchange listing standards and Quanta's Corporate Governance Guidelines.
Margaret B. Shannon, member of Quanta's Governance and Nominating Committee and Investment Committee.
Martha B. Wyrsch, appointed in October 2019 and member of Quanta's Compensation Committee and Governance and Nominating Committee.
Quanta has had an independent, non-executive Chairman of the Board since 2013. David M. McClanahan, former President and Chief Executive Officer of CenterPoint Energy, Inc., serves as Chairman of the Board.
Annual Election of All Directors
Each director on Quanta's Board is elected by stockholders annually.
Majority Voting Standard
Directors are elected by a majority of the votes cast with respect to such director in uncontested elections.
Corporate Governance Guidelines
Members of the Board must also be willing to devote sufficient time to carrying out their duties and responsibilities effectively and should be committed to serve for an extended period of time. As such, a Board member should not serve on more than three additional public company boards, and a Board member that is a chief executive officer (or equivalent position) with another public company should not serve on more than one public company board in addition to Quanta's Board and their own company board.
Board members will not be nominated for election to the Board if the election would occur after their 73rd birthday; however, the full Board may make exceptions in special circumstances.
Stock Ownership Guidelines
We maintain meaningful stock ownership guidelines that align our directors’ long-term interests with those of our stockholders and discourage excessive risk-taking.
Executive Compensation Tied to Corporate Responsibility
With respect to Quanta's 2019 executive compensation program, 20% of target annual cash incentives were based on Quanta's achievement of measurable safety performance goals.
With respect to Quanta's 2020 executive compensation program, (i) 20% of target annual cash incentives will be based on achievement of measurable safety performance goals and (ii) 20% of performance-based long-term equity incentives will be based on achievement of driving safety and reduction in idle time for equipment.
These performance goals align with enterprise-wide commitment to safety, training and sustainability, as well as customer expectations.
Advisory Vote on Executive Compensation
Quanta conducts an annual Say-on-Pay vote and each annual vote has resulted in greater than 92% approval, including over 97% approval in 2020.
Stock Ownership Guidelines
We maintain meaningful stock ownership guidelines that align our executives' long-term interests with those of our stockholders and discourage excessive risk-taking.
Diverse and Experienced Board Oversight
Quanta's full Board of Directors oversees an enterprise-wide approach to risk management, designed to support the achievement of long-term organizational objectives and enhance stockholder value. The annual enterprise risk management assessment, managed by Quanta's Chief Executive Officer, General Counsel, Chief Accounting Officer and Chief Financial Officer, provides visibility to the Board about the identification, assessment, monitoring and management of critical risks and management's risk mitigation strategies. In this process, risk is assessed throughout the business, including operational, financial and reputational risks, legal and regulatory risks and data and systems security risks. A component of the Board's oversight function is not only understanding the risks the Company faces and what steps management is taking to manage those risks, but also understanding what level of risk is appropriate for Quanta. The involvement of the full Board in setting Quanta's business strategy, both short-term and long-term, is a key part of its understanding of Quanta's risks and how those risks may evolve in response to changes in strategy or business environment, and what constitutes an appropriate level of risk for Quanta.
Governance and Nominating Committee
Quanta's Governance and Nominating Committee is specifically responsible for reviewing and discussing with management environmental, social and governance matters and reviewing public reporting on corporate responsibility and sustainability.
Experienced and Dedicated Management Committee
Corporate responsibility and sustainability matters are overseen by a cross-functional committee comprised of senior management personnel and subject matter experts that reports directly to, and receives direction from, Quanta's Chief Executive Officer and Chief Financial Officer.
SDG 5 8 10 16
Code of Ethics
Quanta's Code of Ethics and Business Conduct requires that all employees act ethically and includes requirements concerning general business ethics, including policies concerning the environment, conflicts of interest, anti-corruption, harassment and discrimination, data security and privacy, and insider trading.
Anti-Bribery & Corruption Policy
Quanta's Anti-Corruption Compliance Policy requires that all employees comply with relevant anti-corruption laws and includes guidance and requirements concerning, among other things, interactions with government officials; provision of gifts, entertainment and hospitality; due diligence on certain high-risk service providers; and charitable and political contributions.
Training on the Anti-Corruption Compliance Policy is conducted as part of the Company's comprehensive ethics and compliance training program.
Suppiler Review Procedures
Quanta requires that certain high-risk suppliers and service providers undergo pre-engagement due diligence and training.
Human Rights Policy
Quanta maintains a formal Human Rights Policy and is committed to respecting and promoting human rights for all its employees, affiliates and partners, in accordance with the United Nations Guiding Principles on Business and Human Rights, the International Labor Organization's Declaration on Fundamental Principles and Rights at Work and by the laws of the United States relating to human rights.
Quanta welcomes and values communications from all stockholders and other interested parties.
We conduct an annual stockholder engagement program focused on governance- and compensation-related topics, including board structure and oversight of strategy and risk, executive compensation, equity incentive compensation grant practices and corporate responsibility and sustainability. During 2019, in connection with this new program, we contacted stockholders representing greater than 40% of our outstanding common stock as of December 31, 2019.
Members of our management have also historically engaged in extensive investor outreach on a variety of financial and operational topics, including long-term strategy, capital allocation priorities and industry dynamics. In a given year, we have numerous interactions with stockholders and members of the investment community on these matters and host or participate in various investor conferences and events.
Kip Rupp, CFA
Vice President - Investor Relations
Quanta Services, Inc.
This report (and oral statements regarding the subject matter of this report) includes forward-looking statements intended to qualify under the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include any statements reflecting Quanta's expectations, goals, targets intentions, strategies, assumptions, plans or beliefs about future events or performance or that do not solely relate to historical or current facts. Forward-looking statements involve certain risks, uncertainties and assumptions that are difficult to predict or beyond Quanta's control, and actual results may differ materially from those expected, implied or forecasted by our forward-looking statements due to inaccurate assumptions and known and unknown risk and uncertainties. For additional information concerning some of the risks, uncertainties, assumptions and other factors that could affect our forward-looking statements, please refer to Quanta’s Annual Report on Form 10-K for the year ended Dec. 31, 2019, Quanta’s Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission (SEC), which are available on our website (www.quantaservices.com). You should not place undue reliance on Quanta’s forward-looking statements, which are current only as of June 30, 2020. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements to reflect events or circumstances after such date or otherwise, and Quanta expressly disclaims any written or oral statements made by any third party regarding the subject matter of this report.
The information contained in this report has not been audited by any independent auditor. This report is prepared as a reference tool, and Quanta may elect to modify the format or discontinue publication of such reports at any time without notice.